Price holding below descending trendline resistance. A further drop below 1st resistance at 1.26594 towards 1st support at 1.26031 can be expected. Technical indicators are showing room for further bearish downside as well..
Reason for Entry:
61.80% Fibonacci retracement, descending trendline resistance
Take Profit: 1.26031
Reason for Take Profit:
Graphical swing low
Stop Loss: 1.26981
Reason for Stop Loss:
Graphical swing high
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.